Within his recently unveiled memoir, called Ithaki, the former leader Tsipras does not hold back while he revisits that chaotic era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's version, Tsipras selected that maverick academic Varoufakis as the finance minister largely due to the latter's worldwide fame and his very persuasive skills when it came to public orator.
“He was, in reality, more like a celebrity rather than an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis possessed his own agenda which included promoting Varoufakis's books as well as experimenting with his own economic models using Greece rather than genuinely advocating the country's financial survival.
He wrote how the negotiations to avoid insolvency became “not only a method to secure improved terms for the country. They were an experiment, a monumental chance to prove the truth of his economic theories.”
Critical Talks
During rollercoaster discussions, the country found itself perilously on the brink of exiting the single currency area.
At stake lay both the country's future and those harsh austerity policies required in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to find financing from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, those punitive conditions were subjected to a public vote, a move which threw Europe into a deeper crisis of identity.
Although the referendum was carried resoundingly by voters against the cuts, Tsipras was forced but to ignore the result then agree to a bailout package from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, the leader knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal demanding complex and delicate management.”
He also claimed how his confrontational approach left him increasingly isolated with colleagues, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.
This account of events has been met with fury and stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
